Last checked at 5 Sep 2023 07:00
5 September 2023
Time Out Group plc
("Time Out", the "Company" or the "Group")
New Time Out Market - Bahrain management agreement
Time Out Group plc (AIM: TMO), the global media and hospitality business, announced today that it has entered into a management agreement with Majid Al Futtaim Properties Bahrain to open a new Time Out Market ("Market") at City Centre Bahrain with an expected opening date towards the end of calendar 2024.
This new agreement increases the number of new sites to nine Markets in development which are set to open between 2023 and 2027, in addition to six Markets already open and a pipeline of other locations in advanced negotiations.
City Centre Bahrain, the leading shopping, leisure and entertainment destination in Bahrain is home to more than 340 brands, attracting more than 14.6 million visitors each year. Owned and managed by Majid al Futtaim - a diversified lifestyle conglomerate spanning 16 countries across the Middle East, Africa and Asia - City Centre Bahrain provides over 1,7 million sq ft of retail space, offering visitors a blend of affordable to high-end retailing options as well as two five-star hotels and a range of family entertainment and leisure facilities.
Spanning 35,000 sq ft, Time Out Market Bahrain will feature an editorially curated mix of eleven kitchens, a dessert counter, a coffee shop, two bars, one exhibition space, one stage, and an al fresco rooftop. With more than 900 seats over two levels, diners are able to experience the best regional culinary and cultural talent from award-winning chefs to up-and-coming restaurateurs and artists.
Under a management agreement, Time Out Market receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site.
Sandy Hayek, Time Out Market CEO said: "We are delighted to partner with Majid Al Futtaim to open Time Out Market Bahrain in a very popular location. This is where we will bring the best of Bahrain's vibrant culinary scene together under one roof - the food here is incredibly diverse and culturally rich and we are looking forward to showcasing the best local talent at Time Out Market Bahrain.
"Interest from landlords and real estate companies to open Time Out Markets with us around the world remains strong. As we continue to grow our pipeline, we are looking forward to opening five new sites - including in Bahrain - by the end of calendar 2024."
Khalifa Bin Braik, Chief Executive Officer, Majid Al Futtaim Asset Management said: "Majid Al Futtaim is dedicated to creating retailing destinations that bring world-class shopping, dining, and entertainment activities to the MENA region. We are delighted to be partnering with Time Out Market to introduce this unique offering to Bahrain's residents and visitors, further cementing our commitment to supporting The Kingdom of Bahrain's Economic Vision 2030 and creating great moments for everyone, everyday."
The portfolio of 15 sites includes six open and the following nine new Markets in development:
● Porto (calendar year 2023 - Owned & Operated Market)
● Cape Town (2023 - Management Agreement)
● Barcelona (2024 - Owned & Operated Market)
● Bahrain (2024 - Management Agreement)
● Vancouver (2024 - Management Agreement)
● Abu Dhabi (2025 - Management Agreement)
● Prague (2025 - Management Agreement)
● Osaka (2025 - Management Agreement)
● Riyadh (forecast to open in 2027 - Management Agreement)
-ENDS-
For further information, please contact:
| |
Time Out Group plc | Tel: +44 (0) 207 813 3000 |
Chris Ohlund, CEO | |
Steven Tredget, Investor Relations Director | |
Liberum (Nominated Adviser and Broker) | Tel: +44 (0) 203 100 2222 |
Andrew Godber / Edward Thomas / Clayton Bush | |
FTI Consulting LLP | Tel: +44 (0) 203 727 1000 |
Edward Bridges / Stephanie Ellis / Fiona Walker |
Notes to editors
About Time Out Group
Time Out Group is a global media and hospitality business that inspires and helps people experience the best of the city through its two divisions - Time Out Media and Time Out Market. Time Out launched in London in 1968 to help people discover the exciting new urban cultures that had started up all over the city - today it is the only global brand dedicated to city life. Expert journalists curate and create content about the best things to Do, See and Eat across 333 cities in 59 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world's first editorially curated food and cultural market, bringing a city's best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes six open Markets in cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2023 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in the United Kingdom.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is a diversified lifestyle conglomerate spanning 16 countries across the Middle East, Africa and Asia. The company employs 46,000 people representing 114 nationalities and welcomes 600 million customers to its shopping malls, communities, retail and entertainment destinations each year.
With owned assets valued at US$18 billion, Majid Al Futtaim has the highest credit rating (BBB) among privately-held corporates in the region. The company is committed to becoming Net Positive in water and carbon by 2040.
www.majidalfuttaim.com/en
About Majid Al Futtaim Asset Management
Majid Al Futtaim owns and operates 29 shopping malls in the UAE, Egypt, Bahrain, Lebanon and Oman. The portfolio includes Mall of the Emirates, Mall of Egypt, Mall of Oman, City Centre malls, My City Centre neighbourhood centres, and five joint venture community malls with the Government of Sharjah. They also operate omnichannel services including online Shoppable Mall, Digital Concierge, an AI empowered Store of the Future and the region's first Mall of the Metaverse. All of this is powered by the UAE's fastest growing loyalty program SHARE which offers customers a more personalised and data driven experience in the malls along with privileges like VIP Lounge access and Smart parking.
Majid Al Futtaim develops hotels that are connected, or adjacent to, shopping malls offering value, convenience and experience to guests from overseas, the region and the surrounding business community. Majid Al Futtaim owns 11 hotels in the UAE and 2 in Bahrain, all operated by international hotel brands such as Sheraton, Novotel, Ibis, Aloft, Hilton Garden Inn, Kempinski Hotel, Pullman, Le Meridien and The Westin. In 2022, Majid Al Futtaim became the first and only conglomerate in the world to be awarded the prestigious LEED Platinum certification for its portfolio of hotels.